Type: Legislation Proposal
In order to fund the €800 million post-pandemic economic recovery and green and digital transformation plans for the EU, the European Parliament has supported a report calling for the implementation of a number of new taxes. The taxes consist of the following:
- Financial Transaction Tax;
- Digital services levy (if OECD Pillar 1 tax reforms fail);
- Excise duties on share buybacks;
- Common withholding tax framework; and
- Taxes on crypto assets.
These taxes would add to the EU’s ‘own resources’ for spend and investment. Currently, a small portion of member states’ VAT collections serves as the primary source of funding for this.
Effective date: N/A
